Mardi, 21 Septembre 2010 16:54
A Tale Of Two VC Industries: The Web Versus Cleantech
Last week, venture capitalist Fred Wilson wrote a post pointing out that the VC industry is split in two: software-based businesses and everything else (specifically, “cleantech, biotech and other capital intensive businesses”).
Software businesses don’t require as much capital as they once did, and certainly not as much as cleantech or biotech. In fact, I’d go so far to say that the main asset venture capitalists bring to the table for Web startups is no longer capital, but rather connections, advice, and deal-making prowess. Whereas for greentech and biotech, the
capital is still the most important thing they bring to the table. Wilson concludes:
I don’t think you can make blanket statements about the VC business anymore. These two industries are very different from each other and will have very different business dynamics and risk and return characteristics going forward.
To get a snapshot of the capital going into these two different VC industries, we ran some numbers through CrunchBase to compare funding rounds for consumer Web and ecommerce startups versus cleantech companies. The data in CrunchBase for cleantech companies is not nearly as complete as it is for Web startups, but the trends they highlight are instructive. (If you work for a greentech company, please add or update your Crunchbase profile).
So far this year through the end of August, CrunchBase tracked $1.87 billion in cleantech venture financings versus $1.35 billion for consumer Web and ecommerce startups. But CrrunchBase captured four times as many deals for Web startups than it did for cleantech.
What is even more interesting is that the amount of venture capital that went into Web companies actually went down 8 percent from the same period the year before (from $1.5 billion). For cleantech, the venture dollars increased by a whopping 77 percent (from $1.1 billion).
When you look at the average deal size, the disparity becomes even larger. The average size of a venture round for a Web startup during the period was $5.2 million. The average size of a cleantech round was $30.7 million. Those numbers are across all funding rounds (seed through series F). Based on this snapshot, cleantech is nearly six times as capital intensive as the Web.
Again, our cleantech numbers are far from complete, but the data does illustrate how much more capital it takes to fund cleantech than Web startups.
Web and ecommerce Deals January-August, 2010
DEALS TOTAL = 262
SUM TOTAL = $1,353,564,659.00
AVG OVERALL = $5.2 million
HIGH = $135,000,000
LOW = $2,500
AVG A = $3,184,272.99
AVG B = $8,173,997.92
AVG C = $16,849,999.80
AVG D = $10,068,750.00
AVG E = $9,416,627.75
(F) 1 deal = $33,000,000
AVG SEED = $534,132.10
AVG ANGEL = $987,200.84
Cleantech Deals January-August, 2010
DEALS TOTAL = 61
SUM TOTAL = $1,871,661,959
AVG OVERALL = $30.7 million
HIGH = $350,000,000
LOW = $10,000
AVG A = $5,945,584.54
AVG B = $48,930,962.35
AVG C = $35,626,666.67
AVG D = $40,790,000.00
AVG E = $42,000,000.00
(F) 1 DEAL = $12.5 million
AVG SEED = $1,064,600.00
ANGEL – NONE REPORTED
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7Authors: Erick Schonfeld
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